§ 15-4-2502 - Fifty-percent loan subsidy program. - Arkansas Statutes

15-4-2502. Fifty-percent loan subsidy program.

(a) The Arkansas Economic Development Commission shall institute a program to make participation loans that are originated by approved community lenders for small businesses in this state.

(b) The commission's participating share of any qualified loan shall not exceed fifty percent (50%) of the total loan amount, and the department's share shall be in an amount not less than two thousand five hundred dollars ($2,500) and not more than forty thousand dollars ($40,000).

(c) The commission shall share on a pari passu basis with the originating community lender all collateral, guarantees, repayments, and recoveries on loans made in this program.

(d) The commission shall give preference to high-unemployment counties.